Ministers have issued a joint statement at the conclusion of this week’s Council meeting at Ministerial level. Under the Chairmanship of the United Kingdom, with Costa Rica and New Zealand as Vice-Chairs, Members met for discussions around the theme “Securing a Resilient Future: Shared Values and Global Partnerships.”
After a strong post-pandemic recovery, the UK economy is facing slower growth with rising inflation and labour shortages exacerbated by Russia’s war of aggression against Ukraine.
OECD Secretary-General Mathias Cormann welcomed today’s ground-breaking agreement by G7 Finance Ministers on key elements of international tax reform designed to address the tax challenges of the digitalisation and the globalisation of the economy.
Creating an emergency Rapid Response Forum to ensure global supplies of essential goods continue to flow during major international crises is one of a broad range of recommendations contained in a new OECD report to the G7 on building economic resilience.
Mental health issues cost the UK around GBP 70 billion every year, or roughly 4.5% of GDP, in lost productivity at work, benefit payments and health care expenditure.
A moderate recovery is underway in the major advanced economies, according to the OECD’s latest Interim Economic Assessment. Growth is proceeding at encouraging rates in North America, Japan and the UK. The euro area as a whole is out of recession, although output remains weak in a number of countries.
Global economic activity is picking up, but the continuing crisis in the euro area is delaying a meaningful recovery, the OECD said in its latest Interim Economic Assessment.
OECD Secretary-General Angel Gurría hailed the budgetary measures announced today by U.K. Chancellor of the Exchequer George Osborne as a courageous move that will underpin fiscal consolidation while supporting economic recovery.